Whether Cash Gift from Daughter in Law to her Father in Law is exempt under Income Tax? whether gift deed/affidavit required in this case on stamp paper?
3 Replies
Kapadia Pravin
(17259 Points)
Replied 25 August 2019
it is cash gift . it is exempt bcoz Donor Donee fall in the definition of relative under section 56
relative" means,—
[i] in case of an individual—
[A] spouse of the individual;
[B] brother or sister of the individual;
[C] brother or sister of the spouse of the individual;
[D] brother or sister of either of the parents of the individual;
[E] any lineal ascendant or descendant of the individual;
[F] any lineal ascendant or descendant of the spouse of the individual;
[G] spouse of the person referred to in items [B] to [F]; and
relative" means,—
[i] in case of an individual—
[A] spouse of the individual;
[B] brother or sister of the individual;
[C] brother or sister of the spouse of the individual;
[D] brother or sister of either of the parents of the individual;
[E] any lineal ascendant or descendant of the individual;
[F] any lineal ascendant or descendant of the spouse of the individual;
[G] spouse of the person referred to in items [B] to [F]; and
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 26 August 2019
Whether Cash Gift from Daughter in Law to her Father in Law is exempt under Income Tax?
- Yes...
whether gift deed/affidavit required in this case on stamp paper?
- Yes... Better to prepare gift deed.
- Yes...
whether gift deed/affidavit required in this case on stamp paper?
- Yes... Better to prepare gift deed.
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